November 08, 2006 11:40 ET

Baden Announces Third Consecutive Record Quarter

CALGARY, ALBERTA--(CCNMatthews - Nov. 8, 2006) - Richard Ball, Chairman of the Board of Directors of Baden Technologies Inc. (TSX VENTURE:BDZ), announces financial results for the third quarter of 2006, the third consecutive quarter of record financial performance by the company.

Growth in both Baden's domestic operations and export sales for the three months ending September 30, 2006 was evidenced by an 811% increase in revenue over the third quarter of 2005. Total revenue for the quarter was a record $2.92 million, resulting in net earnings of approximately $225,000 ($.016 per share). Baden and its subsidiary, FSI International Services Ltd., continued to experience robust sales growth in all product groups, including ultra-filtration service contracts and oilfield filtration equipment manufacturing. A blending plant project in the Fort McMurray area also contributed to the increased revenue.

Baden completed the shipment of the second of two custom-designed turnkey FSI Brine Plants sold to Russian clients. Total value of the contract is approximately CAD4,000,000. Commissioning of both plants is expected to be completed in the fourth quarter of 2006.

Q3/06 Financial Three months Three months Nine months Nine months
Highlights ended ended ended ended
September 30, September 30, September 30, September 30,
2006 2005 2006 2005
Revenue $2,924,035 $320,715 $7,079,736 $1,120,933
Earnings (loss)
before interest,
taxes, depreciation
and amortization
(EBITDA) 276,471 (145,783) 993,155 (233,476)
Profit (Loss) for
the period 224,727 (173,075) 887,471 (304,935)
- per share (basic) $ 0.016 ($ 0.011) $ 0.052 ($ 0.023)


Due to the relatively stable strength of oil prices and strong upstream industry cash-flows, demand for the Company's filtration and filtration-related products remains very strong compared to historical levels. Baden has positioned itself as the leading supplier in both the Russian Brine Plant market and the domestic ultra-filtration market. Both areas are expected to continue to grow quarterly over previous years.

Complete financial statements are available on SEDAR ( or on our website (

Through its wholly owned subsidiary FSI International Services Ltd., Baden Technologies Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration-related technologies and Brine Plants for the international and domestic energy and chemical industries.

Certain statements in this document may be "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Baden at the time of preparation, may prove to be incorrect. There is no representation by Baden that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Baden disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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